Le Lézard
Classified in: Business
Subjects: SRI, CFG

Partnership to help create 5,000 new affordable homes across Canada


TORONTO, Sept. 18, 2020 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada and a unique partnership with the United Church of Canada, up to 5,000 new affordable housing units will be built across the country over the next 15 years.

Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister Responsible for Canada Mortgage and Housing Corporation (CMHC) announced that the Affordable Housing Innovation Fund is providing the United Church of Canada's newly formed development corporation, United Property Resource Corporation (UPRC), with a $20 million line of credit to be accessed for pre-development and pre-construction costs as the UPRC builds affordable housing across Canada. The UPRC will develop over 200 strategic sites in the United Church of Canada's land inventory.  

The announcement was held at 1598 Queen Street East in Toronto, the site of the first R-Hauz all-mass timber residential building in Toronto. The environmentally sustainable building represents UPRC's commitment to fill the "missing middle" in housing across the country and advocate for progressive real estate models that are environmental and financially sustainable.

The Affordable Housing Innovation Fund is a $200 million initiative through the National Housing Strategy that has been instrumental in creating the next generation of housing in Canada. The goal of the Innovation Fund is to encourage new funding models and innovative building techniques in the affordable housing sector. The Innovation Fund:

The UPRC brings professional real estate development and management expertise to collaborate with public and private partners who want to make a difference by building lasting affordable housing for all.

Quotes

"Innovative approaches will help build more affordable housing in Canada, addressing the need we have across this country. By thinking outside-the-box, the United Church of Canada is contributing to providing more Canadians with housing that meets their needs and they can afford and the National Housing Strategy's Innovation Fund is assisting them with some of the significant upfront costs to get started with these developments."? The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for CMHC

"UPRC represents an exciting opportunity to reimagine Canadian neighbourhoods by building diverse, affordable, places where all can live, gather and thrive. We are not just building housing we are building homes and communities for all Canadians. If these community assets were sold today the vital benefit to our neighbourhoods would be lost forever. With the assistance of the Affordable Housing Innovation Fund, our vision to develop open resilient sustainable communities can truly be realized." - Tim Blair, CEO, United Property Resource Corporation

Quick Facts

Associated Links

 

SOURCE Canada Mortgage and Housing Corporation


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News published on 18 september 2020 at 13:45 and distributed by: